Machine Learning Chip Global Market Report 2024

The machine learning chip market size has grown exponentially in recent years. It will grow from $8.0 billion in 2023 to $11.6 billion in 2024 at a compound annual growth rate (CAGR) of 45.01%. The growth in the historic period can be attributed to the increase in data volume, expansion of cloud computing, growth of consumer applications, diversification of chip types, and government initiatives.

The machine learning chip market size is expected to see exponential growth in the next few years. It will grow to $53.17 billion in 2028 at a compound annual growth rate (CAGR) of 46.33%. The projected growth in the forecast period can be attributed to the increasing demand for real-time analytics, the expansion of the Internet of Things (IoT), the growth of edge AI, a heightened focus on security, and the increasing adoption of AI and ML in various industries for analytics purposes. Major trends expected during this period include advancements in AI and ML algorithms, the development of advanced robotics, integration with neuromorphic computing, advancements in material science for AI applications, and progress in quantum computing for enhanced computational capabilities.

The increasing number of cyberattacks is expected to drive the growth of the machine-learning chip market in the future. Cyberattacks involve the deliberate exploitation of computer systems, networks, or technology-dependent enterprises to cause damage, disruption, or gain unauthorized access. Machine learning chips enable the use of machine learning algorithms to continuously analyze data, detect patterns, and make accurate predictions to mitigate potential cyber threats. For example, in 2022, SlashNext Inc., a US-based cybersecurity company, reported a 61% increase in phishing attacks compared to 2021, totaling 255 million detected incidents. Therefore, the growing threat of cyberattacks is fueling the expansion of the machine-learning chip market.

Major companies in the machine learning chip market are concentrating on developing new products, particularly system-on-chip (SoC) solutions, to enhance their profitability. SoC in machine learning chips refers to an integrated circuit that combines hardware components such as processors and memory with specialized software for machine learning tasks on a single chip. For example, in January 2022, Silicon Laboratories Inc., a US-based semiconductor manufacturing company, launched two SoCs and a software toolkit tailored for edge AI and machine learning. These chips feature AI accelerators, wireless connectivity, low power consumption, and support for Matter and Zigbee protocols, along with ample flash capacity. The toolkit assists developers in creating AI algorithms using these SoCs and Simplicity Studio.

In March 2022, Intel Corporation, a US-based semiconductor company, acquired Granulate Cloud Solutions for $650 million. This acquisition is part of Intel's strategy to rapidly expand the deployment of Granulate's optimization software across its data center offerings. Intel aims to leverage Granulate's advanced autonomous optimization for production workloads to enhance hardware and software efficiency for all its clients. Granulate Cloud Solutions Ltd. is an Israel-based provider of machine learning optimization solutions.

Major companies operating in the machine learning chip market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Group, Huawei Technologies Co. Ltd., Intel Corporation, IBM Corporation, Qualcomm Inc., Micron Technology Inc., Nvidia Corporation, Advanced Micro Devices Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Microchip Technology Inc., Cadence Design Systems Inc., Silicon Laboratories Inc., Edgecore Networks Corporation, Lattice Semiconductor Corporation, Cerebras Systems Inc., Cambricon Technologies Corporation Limited, SiFive Inc., GreenWaves Technologies, Graphcore Limited, Innovium Inc., Syntiant Corp.

North America was the largest region in the machine learning chip market in 2023. The regions covered in the machine learning chip market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the machine learning chip market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A machine learning chip is a specialized hardware processor designed to accelerate machine learning algorithms, enhancing performance and efficiency for tasks such as deep learning and artificial intelligence. These chips find applications in various areas, from data centers to edge devices, enabling quicker processing and analysis of large datasets for tasks such as image recognition, natural language processing, and autonomous vehicles.

The primary types of machine learning chips include graphics processing units (GPU), application-specific integrated circuits (ASIC), field programmable gate arrays (FPGA), central processing units (CPU), and others. GPUs are specialized circuits for rapid memory manipulation to accelerate image processing. Various technologies such as system-on-chip (SoC), system-in-package, and multi-chip module are used in these chips, catering to industries such as banking, financial services, insurance (BFSI), information technology and telecom, media and advertising, retail, healthcare, automotive, and others.

The machine learning chip market research report is one of a series of new reports that provides machine learning chip market statistics, including natural language processing in the healthcare and life sciences industry global market size, regional shares, competitors with a machine learning chip market share, detailed machine learning chip market segments, market trends and opportunities, and any further data you may need to thrive in the machine learning chip industry. This machine learning chip market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The machine learning chip market consists of revenues earned by entities by providing services such as faster training and inference, parallel processing, enhanced security features, edge computing, and integration with IoT devices. The market value includes the value of related goods sold by the service provider or included within the service offering. The machine learning chip market also includes sales of neural network processors, and power systems that are used in providing services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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